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Quantitative Aptitude - Arithmetic Ability/
Simple Interest

Simple Interest Questions

Popular Latest Rated Important Formulae

FACTS AND FORMULAE FOR SIMPLE INTEREST QUESTIONS

1. Principal: The money borrowed or lent out for a certain period is called the principal or the sum.

2. Interest: Extra money paid for using other's money is called interest

3. Simple Interest (S.I.) : If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then,

(i) $S . I = (\frac{P \times T \times R}{100})$

(ii) $P = (\frac{100 \times S . I}{R \times T}); R = (\frac{100 \times S . I}{P \times T}) a n d T = (\frac{100 \times S . I}{P \times R})$

Rs. x invested at 9% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 6.25% simple interest per annum for 8 years. Find x:y.

A) 16:15	B) 10:9
C) 45:50	D) 5:8

A) 16:15

B) 10:9

C) 45:50

D) 5:8

Answer & Explanation Answer: B) 10:9

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4 1410

A sum of money invested for 2 yrs and 9 months at the rate of 8% simple interest per annum became Rs.732 at the end of the period. What was the sum that was initially invested?

A) Rs. 575	B) Rs. 500
C) Rs. 600	D) Rs. 550

A) Rs. 575

B) Rs. 500

C) Rs. 600

D) Rs. 550

Answer & Explanation Answer: C) Rs. 600

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6 1409

A person borrows some money for 8 years at a rate of simple interest. If the ratio of principal and total interest is 5 : 8, then what is the rate ( inpercentage) of interest?

A) 10	B) 20
C) 25	D) 30

A) 10

B) 20

C) 25

D) 30

Answer & Explanation Answer: B) 20

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1 1400

Calculate the simple interest if Rs. 1800 is invested for 10 years at a rate of 5% per annum.

A) Rs. 900	B) Rs. 450
C) Rs. 1800	D) Rs. 2700

A) Rs. 900

B) Rs. 450

C) Rs. 1800

D) Rs. 2700

Answer & Explanation Answer: A) Rs. 900

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0 1398

Deksha borrowed Rs. 500 at 5% per annum S.I. What amount (in Rs.) will she pay to clear her debt after 4 years?

A) 150	B) 650
C) 600	D) 100

A) 150

B) 650

C) 600

D) 100

Answer & Explanation Answer: C) 600

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7 1384

The simple and compound interest that can be earned in two years at the same rate is Rs 1,000 and Rs 1,040 respectively. What is the rate (percent per annum) of interest?

A) 9	B) 10
C) 8	D) 11

A) 9

B) 10

C) 8

D) 11

Answer & Explanation Answer: C) 8

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3 1374

At 5% simple interest per annum a certain sum yields a total amount of Rs. 2,790 at the end of 3 1/4 years. The sum invested was

A) Rs. 2350	B) Rs. 2400
C) Rs. 2600	D) Rs. 2550

A) Rs. 2350

B) Rs. 2400

C) Rs. 2600

D) Rs. 2550

Answer & Explanation Answer: B) Rs. 2400

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5 1374

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 16% per annum is Rs 320. What is the value of given sum (in Rs)?